CFD Order Types
|Setting||Buy Order||Sell Order|
|Limit||Send the order at the price specified in the Price(c) box. This price defaults to the last price in the market at the time the order is placed, but may be changed. The price specified is the maximum price for buys. The order trades at the best price available.||Send the order at the price specified in the Price(c) box. This price defaults to the last price in the market at the time the order is placed, but may be changed. The price specified is the minimum price for sells. The order trades at the best price available.|
|Market to Limit||Send the order with a price that is one price above the lowest sell (ask) price.||Send the order with a price that is one price below the highest buy (bid) price.|
|At Market Plus||Send the order with a price that is five price steps above the lowest sell (ask) price.||Send the order with a price that is five price steps below the highest buy (bid) price.|
|Date||The order will expire on a particular date.|
|Good Till Cancel||The order will remain in the market for the maximum amount of time allowed for the security type.|
|End of Day||The order will remain in the market until the end of the day. This is the default setting for options orders.|
|Fill and Kill||The order will trade immediately at the specified price. Any remaining volume of the order which was not filled will be withdrawn (killed). If no order exists on the opposite side of the market when the order is created, the order will fail.|
|Fill or Kill||The order is withdrawn (killed) if the total order volume cannot be traded immediately.|
|Default Lifetime||This is the default setting. The order will remain in the market for nine weeks or until the date specified, unless it trades in full during this time. Custom expiry dates cannot exceed the ASX nine week order limit. If the order falls too far outside the market range, it will be removed from that market at the end of the day.|
A contingent order allows a trader to set an order that will be put into the market when a specified event or criteria is met in the market. A very popular use for contingent orders is stop-losses or break out trading. No margin is required for a contingent order until it is triggered. Contingent orders are removed as soon as they are triggered or deleted.
For example: a contingent order can be created to generate a BHP Buy order at $20 for 500 shares if/when BHP trades at $19.50.
One Cancels Other (OCO)
A One Cancels Other (OCO) order is comprised of two contingent orders with different trigger conditions. When one contingent order triggers, the other contingent order is automatically deleted. For example, when you hold an open position you can set a stop-loss and take profit OCO, which means when either of the two orders is triggered the other is deleted automatically.
IF Done contingent orders are placed as part of a market order and depend on the market order trading. Typically, this is used to cover the position taken with the original order. When the market order trades, the contingent order becomes active. Hence a buy order for BHP may be placed and as the order trades your stop-loss contingent order is automatically generated.
When used with an OCO (One Cancels Other) order, two orders can be placed: a profit taking order and a stop-loss order. Whichever one triggers first then cancels the other order.
You initiate an If Done contingent order from the Create Order dialog box; otherwise, the procedure for creating an If Done contingent order is similar to a regular contingent order.
A trailing stop-loss can be used instead of the contingent order with the If Done functionality.
The following conditions apply to If Done contingent orders:
- You cannot change the account or security of the contingent order.
- The volume of the contingent order is zero (0) until the market order trades, at which point the traded volume becomes the contingent order volume. The volume updates as the market order continues to trade.
- If the untraded market order is deleted, the If Done contingent order is also deleted.
Unlike a regular contingent order, the trigger price of a trailing stop-loss contingent order changes as the market moves away from the current last price. This can be used to minimise loss and maximise gain.
For sell contingent orders, the contingent order’s trigger price is set at an amount or percentage below the current last price, then recalculated upwards as the market price increases. As the security price falls towards the calculated trigger price, the trigger price does not change. The contingent order triggers when the market price reaches, or falls below, the calculated trigger price.
For buy contingent orders, the contingent order’s price is set at an amount or percentage above the current last price, then recalculated downwards as the market price decreases. As the security price rises towards the calculated trigger price, the trigger price does not change. The contingent order triggers when the market price reaches or rises above the calculated trigger price.Open a Live Account NOW